When most of us are asked how much money we'll need in order to retire, we have more questions than answers. Some might use a best guess. In 1994, William Bengen, a financial planner wrote an article about a concept he named the 4% Rule. This "rule" asserted that retirees who withdraw up to 4% of their retirement each month (adjusting for inflation) should be able to make their funds last for 30 years. His "rule" has proved sound for every 30 years since the 1920s. Basically what it tells us is that we need a portfolio that's 25 times our annual expenses. Social Security, annuities and pension plans are likely to cover a small portion of that, a portion that continues to decrease. Using this 4% Rule, we can determine the age at which we may be able to retire. If we consider using a 3% withdrawal rate and incorporate some miscellaneous income we may earn during our retirement years, we can stretch our income even further. So, take a moment to look at some hard numbers and plan to enjoy your golden years using the 4% rule!

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